At the Quad foreign ministers’ meeting in Washington earlier this month, Australia, India, Japan and the US announced a Quad Critical Minerals Initiative (QCMI) — a signal of shared intent, but one still in search of substance.

China has asserted its dominance in critical minerals — first through export controls on gallium and germanium, and more recently by curbing rare earth shipments. The US responded with executive orders to secure supply chains. Allies are moving to re-shore and diversify. The logic is clear: From electric vehicles (EVs) to jet engines and semiconductors, critical minerals will shape both economic competitiveness and strategic autonomy in the 21st century.

Despite growing convergence, Quad members differ on which minerals are “critical” to them. India lists 30 minerals, such as copper, cadmium and potash for agriculture and energy needs. The US list of 50 minerals emphasises aluminium, barite and graphite for the defence and tech industries. Australia focuses on 31 minerals, including lithium, rare earth elements (REEs) and zirconium. Japan’s list of 35 minerals emphasises gallium, dysprosium and yttrium.

Quad has 20 minerals in common — including cobalt, graphite, lithium and REEs — low-hanging fruit for alignment. Yet, 36 minerals are unique to just one member, opening opportunities for swaps and co-investment.

Quad supply chains remain highly........

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